Panipat is a historic city located in the state of Haryana. Known for its handloom production of products such as carpets, bedsheets, and curtains, it has earned the title ‘City of Weavers’, and ‘Textile City’. Panipat has a rich historical significance and is the site of three major battles in Indian history.
Today, Panipat’s main industries include wool and cotton milling, glass manufacturing, electrical appliances, and bricks. Located about 90 kilometres from Delhi and well-connected by road and rail, Panipat is a thriving centre for business. A loan against property in Panipat can be a major support for those seeking financial assistance for business endeavours or other big-ticket personal expenses.
Keep reading to find out more about the benefits of SMFG India Credit’s LAP in Panipat and how you can apply for it.
Property mortgage loans in Panipat come with several advantages. Some of the most important features and benefits are listed below:
LAP applicants at SMFG India Credit have to meet the following eligibility requirements:
|
Criterion |
Salaried |
Self-employed |
SMEs |
|
Age |
Between 21 and 60 years. |
Between 25 and 65 years. |
At least 2 years old. |
|
Nature of work |
A salaried employee in an MNC, a private company or the public sector |
Self-employed individual with a steady source of income |
- |
|
Location |
Resident citizen of India |
Resident citizen of India |
Indian SME |
|
CIBIL score |
700+ |
700+ |
Financials should show a steady source of profits over the past 2 years and be audited by a chartered accountant. |
*Please note that this is only the basic Panipat loan against property eligibility. The final eligibility will depend on several factors including SMFG India Credit’s policy at the time of loan application.
Here are some of the documents required to apply for a Loan Against Property:
|
Type of Document |
Salaried |
Self-Employed / SMEs |
|
PAN Card |
|
|
|
Proof of Identity And Proof of Address (any one) |
|
|
|
Age Proof (any one) |
|
|
|
Bank Statements |
|
|
|
Income Documents (with CA certification wherever applicable) |
|
|
|
Property Documents |
|
|
|
Other Essential Documents |
|
|
Please note that in case of co-applicants, basic documents such as PAN, KYC documents, etc., will also be required.
The above list is indicative. Depending on the specific loan product, your profile, and our policy at the time of loan application, additional documents may be requested.
Note:
The interest charged on a loan against property depends on several factors. These include:
|
Factor |
Rates/Charges |
|
Interest Rate |
9.25% - 18.5% per annum SMFG India Credit Retail Prime Lending Rate (RPLR) is 20.80% w.e.f 1st April, 2024. Lowest Interest Rate (depending on several factors including net income, employment or business stability, existing monthly obligations, type of LAP product, etc.) |
|
Rate of Interest Conversion Fee |
An amount not exceeding 1% of the Principal Outstanding as on date of change request |
|
Charges for switching of loans from floating to fixed rate and vice versa |
2% of the outstanding loan amount |
|
Processing Fees |
Up to 2% + GST |
|
Loan Cancellation Charges (Loan Cancelled Before 1st EMI) |
INR 5,000 plus GST if the loan is cancelled at the request of the borrower after disbursement of the loan but before encashment of the loan disbursal cheque. If cancellation of the loan is requested after encashment of the loan amount, prepayment conditions as specified herein shall apply. |
|
Repayment Instrument/ECS/ACH/Direct Debit Dishonor Charges |
INR 500/- |
|
IMD Charges |
Up to INR 4,500 plus GST for loan amounts from INR 5 lakh to INR 50 lakh; up to INR 5,500 plus GST for loan amounts above INR 50 lakh and up to INR 40 crore; and up to INR 6,500 plus GST for loan amounts above INR 40 crore |
|
Late Payment Charges (applicable for payment default) |
2% charged monthly (24% per annum) on the overdue amount, calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment |
The interest rates on mortgage loans offered to borrowers by SMFG India Credit depend on a number of factors, including SMFG India Credit’s policy at the time of loan application. To know more, please visit our loan against property interest rates page.
Here is a step-by-step guide to applying for a loan against property in Panipat at SMFG India Credit:
A loan against commercial or residential property in Panipat can be used for both business and personal needs. Business owners can use the funds to expand their operations, enhance working capital, purchase new equipment, or meet other business-related expenses. For individuals, the loan can cover urgent needs such as medical expenses, education costs, or weddings. Homeowners may use the funds to construct a new property, renovate an existing one, or invest in other significant projects.
A loan against property in Panipat offers a viable solution for both personal and business needs. Whether you're a business owner looking to expand operations, an individual seeking funds for urgent expenses, or a homeowner planning property improvements, SMFG India Credit’s LAP provides the financial support you need with attractive terms and transparent processes. Substantial loan amounts, competitive interest rates, and an easy application process make securing a LAP in Panipat a smart way to leverage your property’s value for significant financial endeavours.
Apply today or visit your nearest branch for more information.
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
Factors such as your employment status, income stability, location, property valuation, and previous credit history are involved in determining your eligibility for a mortgage loan in Panipat.
Online applications are a quicker and more convenient way of applying as opposed to visiting a physical office and filling out a paper application. Loan processing is also quicker compared to offline applications.
Some ways to get a lower interest rate on your loan against property are:
At SMFG India Credit, you can borrow up to INR 40 crores* or 70%* of your property market value for loans against property.
Here are some articles which could help you understand us and our products better.
Section 54 of the Income Tax Act: Capital Gains Exemption Explained
When you sell a residential property, it can result in a significant tax liability if you earn a…
Loan Against Securities vs Loan Against Property
When you need funds without selling your assets, Loan Against Securities and Loan Against…
Reverse Mortgage Loan: Eligibility, Benefits, Interest Rates & Process
A reverse mortgage loan can provide an additional source of monthly income during retirement…
Insurance disclaimer SMICC is registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Corporate Agent. IRDAI Registration No.: [CA0098] CIN No. U65191TN1994PLC079235. The insurance policy is a contract between the customer and the insurance company, and policy is underwritten by insurance companies. SMICC acts only as the distributor and is not responsible for any risk, policy issuance, claim settlement/repudiation etc. Insurance is the subject matter of solicitation. Purchase of insurance is voluntary and subject to insurer underwriting and policy terms and conditions. Customers are advised to read the policy terms and conditions, benefits, exclusions, claim settlement carefully before purchase. Kindly note that “Insurance Products” are not mandatory for the purpose of the application and disbursement of loan. It shall be the sole discretion of the customer, by providing explicit consent, to avail such insurance along with the Loan.
Beware of Spurious calls/ Fraud phone calls IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premium. Public receiving such phone calls are requested to lodge a police complaint.
